Glacial changes. Slow but absolutely massive.
And I think we'll see it overtake the dollar in the not-so-distant future.
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5.8% versus 84%, there is still a lot of work to do before overcoming the Dollar.
Who's going to put their trust in the Yuan and CCP when they actively cap their best performing companies and jail their proprietors?
The investment mood has changed on China, a lot more risk is now assumed.
Notably, India recently declined to buy Russian oil in Yuan, sticking to Rupies
This century will belong to India. China has made too many enemies.
Unless they fall apart internally by leaning too hard into religious facism.
Even if religious fascism doesn't lead to disintegration (and it might not—the inherited steel frame is quite strong), it is still a tremendous distraction from economic development, for voters, baboos, and politicians alike.
When it comes to capturing a large share of the global economy, I think India is its own worst enemy.
India is playing both sides, not acting like a leader of the free world.
They need to lose the caste system and stop buying Russian gas. That would be a start, but more beyond that if this century "were to belong" to them. I think the idea of a century belonging to one country is ludacris.
Yeah, right after they deal with the pesky Balance of Payments crisis should be off to the races.
Convertibility will help.
As will political change that sees a lot less disappearing bankers/politicians.